Pensions in Bahrain may be raised 7% to meet rising needs
Following a decision by Bahrain's parliament on Tuesday, some 30,000 retirees of the military, the government as well as the private sector could soon receive a seven percent increase in their pensions.
Currently, according to <i>Gulf Daily News</i>, retirees listed under the Pension Fund Commission (PFC) and General Organization for Social Insurance (Gosi) receive monthly payments of under BD 1,500.
The proposal will cost around BD5.44 million annually, raising spending at the PFC to BD65m this year, said a report by the parliament's service committee.
The decision was made in response to the rising cost of living in Bahrain, and the assumption that such pensions were not meeting the needs of Bahraini citizens.
"Pensions don't meet today's needs," said Abdulaziz Al Moosa, Public Utilities and Environment Affairs chairman and Independent Bloc president.
The proposal will now be presented to Cabinet for review.